HotForex: Beginnings and Regulation Policy
Asia plays an important role in the Forex market, especially with brokers such as the HotForex broker who was once voted the best online broker in Asia (in 2012). The company was established in 2008 and steadily climbs the ladder of success in the highly competitive Forex market. The company is located in Mauritius and is registered with the Financial Services Commission (FSC). The authority behind the broker is one of the major aspects regarding transparency and market integrity. A good broker will always be affiliated with a reputable regulator. As for HotForex, the FSC Mauritius is the top regulator which employs internationally accepted standards and is supported by the Ministry of Finance and Economic Development of the island-country.
- Established in 2008
- Headquartered in Mauritius
- Regulated by the Financial Services Commission (FSC)
The regulation includes that the customers’ funds are kept separate from their company’s finances ensuring transparency of business conduct. Aside from the regulator, the liquidity of HotForex is ensured by the prominent Barclays Bank. Such a regulation policy, where clients’ funds are handled independently by a third party, represents a safety net for customers, whose protection is also guaranteed by the law.
HotForex Trading Platforms
Some of the Forex brokers offer one or two trading platforms, but HotForex has eight trading platforms to meet the needs of their customers. For example:
HotForex MT4, the number one platform employed by almost every single broker, HotForex Webtrader is the simple and easy to use web-based platform with the adequate online graphic display, requiring no download. It is also compatible with MetaTrader 4 and is available in many languages. There is also an MT4 platform for Mac users. Other choices include various platforms for mobile trading, for Android, iPhone, Blackberry and iPad. The HotForex mobile apps are a big selling point for traders because they want to have around the clock access to their investments.
What Accounts are Available with HotForex?
Regardless if you are a beginner or a professional trader, HotForex will have the account that suits your needs. With the possibility to choose from five different account types, it won’t be hard to find a category that corresponds with your requirements. The offer includes:
- Demo Account for novice traders to try out the market with no risk of a loss.
- Micro Trading Account. This account requires small deposits and is suitable for small volume trading.
- Premium Trading Account is for somewhat more experienced traders with unlimited trade size.
- VIP Trading Account requires half of a standard lot for the minimum trading lot.
- Currenex Trading Account, where scalping is the rule of thumb. The account is suitable for very experienced traders.
- Islamic Account where trading is aligned with the principles of Islamic laws.
Commissions and Spreads
With many currency pairs (major, minor, and exotic), HotForex offers a wide range of currency pairs. As a beginner, it is always advised to start out with narrow-spread currency pairs. In this case, even if you lose money, the loss will not be significant. The spreads offered by HotForex depend on the type of the account you registered with. With VIP and Currenex accounts the spread starts as low as 0.2 pips. Spreads for other accounts usually start at one pip. Leverages can amount up to 1:1000.
Funding Options Available at HotForex
Banking options are an important part of every broker review, and this HotForex review is no different. To make sure that customers can safely deposit and withdraw their funds, multiple banking options are available. Choose your favorite payment method for smooth financial transfers. Of course, the traditional Wire Transfer is offered for deposits, together with Credit Cards (Visa, Visa Electron, MasterCard, Maestro, etc.), Moneybookers (Skrill), Neteller, Liberty Reverse, Cashu, Ukash, Webmoney, and PerfectMoney. One thing worth mentioning is that all the above payment methods can be used for withdrawals, with the exception of Ukash. For some reason, this option can be used for depositing, but not for withdrawal, while the rest of them work both ways. The broker offers minimum deposits as low as $5 to open an account, making it a great choice for beginners. Those looking for something extra will not be disappointed either, as HotForex bonuses are among more generous ones out there.
HotForex Customer Support
Customer Support is one of the key services a decent broker has to provide. The staff should be well trained and competent to perform their duties and answer any questions customers might have without hesitation. Another feature of the customer support that gives a good reputation to the broker is politeness and patience with their clients. Many user reviews clearly demonstrate that a friendly customer support means a lot. HotForex provides a 24/5 customer support service that will help you with any inquiries and concerns you might have. The custom support is especially important to beginners who sometimes need assistance with registration, depositing, and finding their way around the platform. The HotForex customer support is available in 12 different languages (Arabic, Japanese, Chinese, Thai, Farsi, Russian, German, English, Norwegian, Swedish, Portuguese and Spanish).